Former Car Czar Settles New York Probe Steven Rattner, a banker who advised the Obama administration on the auto bailout, will pay a $10 million penalty as a way to settle allegations by New York authorities. Rattner had been accused of trading favors for business with the state's pension fund.
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Former Car Czar Settles New York Probe

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Former Car Czar Settles New York Probe

Former Car Czar Settles New York Probe

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RENEE MONTAGNE, host:

NPR's business news starts with punishment for a former car czar.

(Soundbite of music)

MONTAGNE: A banker who advised the Obama administration on the auto bailout, will pay a penalty of $10 million to settle allegations by New York authorities. Steve Rattner has been accused by Andrew Cuomo, the attorney general who is about to become New York's governor, of trading favors for business with the state's pension fund.

The episode is not related to his work with the Obama administration.

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